Mr. John Hurley:

Normally you wouldn't include subordinated debt in a guarantee ... dated subordinated debt ... but really the issue had to do with how we would be coherent with markets the following morning. On the following morning we ... there was extraordinary volatility around Europe and, remember, I was involved in teleconferences and I understood exactly what was happening in each country and the level of volatility and the fear that there was right across Europe at the time. And that day and previous days I would have been involved in these teleconferences from my room in the Central Bank and it was very, very clear that the dangers right across the Europe and the dangers stemming from what had been happening in the United States had created enormous difficulties for banks across the Continent. So, that essentially was the backdrop.